LIBYA/FILE: Rebels put oil exports on hold until production comes back on stream

Record ID: 344028

  • Title: LIBYA/FILE: Rebels put oil exports on hold until production comes back on stream
  • Date: 19th April 2011
  • Summary: BREGA, LIBYA (FILE - MARCH 27, 2011) (REUTERS) VARIOUS OF OIL TERMINAL FACILITIES IN BREGA AREA TOBRUK, LIBYA (FILE - MARCH 15, 2011) (REUTERS) VARIOUS OF OIL TERMINAL
  • Embargoed: 4th May 2011 13:00
  • Keywords:
  • Location: Libya
  • Country: Libya
  • Topics: Domestic Politics,Energy
  • Reuters ID: LVACC2F14HTPDYD55835W2ORRZRN
  • Story Text: Libyan rebels are unlikely to export any more oil until they are able to resume production, but are keeping in touch with potential buyers, an oil official in the opposition-held east said on Monday (April 18).
    Rebels now control fields owned by the Arabian Gulf Oil Company (Agoco) with a combined potential production capacity of about 400,000 barrels per day, Wahid Bugaighis told Reuters in an interview.
    "We control about one third of the production of the pre-revolution (Libya), mainly in the eastern part here," Bugaighis said.
    Bugaighis was appointed head of the National Oil Company for Libya by the rebels' Benghazi-based national transitional council.
    Rebels had to shut down oil production after forces loyal to Muammar Gaddafi attacked Agoco's Misla field over a week ago, but Bugaighis said he hoped production would resume in few weeks.
    The Libyan opposition is eager to resume exports so it can pay salaries and meet other expenses as it tries to oust Gaddafi. If they do manage to get rid of Gaddafi, Bugaighis said, Libya's new leadership would try to root out malpractice in the oil industry.
    "We will look into ending corruption in the oil industry and strengthening our national technical expertise in oil fields, in all fields of that industry. This does not mean that we will not have foreign partners going forward, we will respect all our agreements we have with them right now, and we will welcome new investments in the country," he said.
    Bugaighis said help would be sought from both Western countries and the Middle East to restore oil production capability, which he said was vital for the oppositions efforts to overthrow leader Muammar Gaddafi.
    Bugaighis was speaking nearly two weeks after the council, with the help of OPEC member Qatar, exported a shipment of crude oil.
    On April 6, a tanker, the Liberian registered Equator, arrived at the east Libyan port of Marsa el Hariga in rebel-held territory to load the first shipment of crude since the crisis forced a shutdown of oil exports in March.
    The rebels control the eastern oil terminal at Tobruk but control of the key oil port of Brega, west of Benghazi, has swung back and forth between rebel and Libyan government control.
  • Copyright Holder: FILE REUTERS (CAN SELL)
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